First Home Buyer

[Puppy]

If I buy a home by applying a home loan as a first home buyer and then sell it and settle the loan. Can I apply for a loan again as a first home buyer?

[sidinz]

You can only buy your first home once. But being a first home buyer only matters if you're applying for a Kiwisaver deposit or Welcome Home Loan.
If you buy and sell again in quick succession more than once, you may be seen to be a trader even if you're living in the place and liable for tax on the gains.

[Aston]

Can I apply for a loan again as a first home buyer?

If you're talking about Kiwisaver there are certain circumstances whereby you may qualify as a First Home Buyer, for your second home.

See here.

[Nick G]

If you are extracting money from kiwisaver then I don't think so. However if you are asking whether you can buy again at 20% deposit then yes as long as you will live in the property.

[Puppy]

Hi there,

Thanks a lot for above responses.
We are not yet eligible to kiwisaver, could borrow only 400K loan and looking for a property around 500K. Only could afford a property in Papatoetoe, Otara etc.. In case rent this property and sell it, are we eligible to 20% next property?
Just sought an advise…
Thanks
Puppy

[Wellington Broker]

Banks are still pretty keen to go above 80 LVR for owner-occupiers. In the current market it's possible to do this with a 5% deposit through another bank. Given how often their policies are changing though it's hard to know where you will stand down the track. I wouldn't get hung up on 20% deposit though